working for you…. or against you?
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Knowing how your 401(k) works is key to unlocking its full potential for your retirement. By understanding:
Plan features: What type of plan is it? Does it offer a company match?
Fees: What are the associated costs like administrative and investment fees?
Investment options: What funds are available and how do they align with your risk tolerance and retirement goals?
You can make informed decisions that impact your future. Studies show that even small fee differences can translate to thousands of dollars more in retirement savings.
Understanding your 401(k) empowers you to make informed decisions about your retirement savings. Here are some key areas to focus on:
3. Investment options:
4. Company match:
Yes, you can usually roll over an old 401(k) into your current employer’s plan. This can be beneficial as it allows you to consolidate and keep a closer eye on your investments, potentially lower fees, and potentially access wider investment options.